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FEDERAL RESERVE statistical release H.3 15021 Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~E~~~.!~~nE~~~ ~i~~~ITORY INSTITUTIONS AND THE MONETARY BASE NOVEMBER Averages of daily figures, seasonally adjusted t.nless noted otherwise Millions of dollars 7 , 1991 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte~d credit required e~:~s Monetaty base total seasonal 47637 47532 48014 48778 47644 47550 48039 48801 47353 47096 47297 47440 909 847 947 1664 293804 295941 297553 299785 624 410 230 326 418 335 162 76 6 18 24 23 49466 49611 49566 48932 49359 4iJ325 48958 49393 49378 47297 47803 48387 2169 1808 1179 305152 309438 310982 534 252 241 33 37 55 27 34 53 APR. MAY JUNE 49395 50068 50429 49164 49765 50089 49250 49853 50097 48364 49039 49421 1031 1030 1008 310605 311479 312469 231 303 340 79 151 222 86 88 8 JULY 50510 51002 51281 49904 50238 50635 49949 50538. 50937 49605 49916 50352 906 1086 929 313910 316313 318020 607 764 645 317 331 287 46 300 302 4 18 51456 51220 50662 50392 51067 50888 50184 50488 1273 732 317814 317040 795 828 320 269 406 496 2 51293 51415 52595 50910 51125 52370 50951 51132 52384 50249 50388 51437 1044 1027 1158 319233 319370 322097 383 290 225 228 191 296 41 Date total 2 1990-SEP. OCT. NOV. DEC. 48262 47942 48245 49104 1991-JAN. FEB. MAR. AUG. SEP. nonborrowed 3 extended credit 4 Two weeks ending 1991-SEP. OCT. 16 30p p--preliminary 1. 2. 3. 4. 5. 6. 7 14 pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (for more information, see Table 3. l Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. I Also, see footnote 2 on Table 2 and footnote 2 on Table 3. l Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions from the Federal Reserve. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves !Table 2, column ll less unadjusted required reserves !Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currencY. component of the money stock plus 13), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" ana for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3.) H.3 1502) Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 total reserves 6 surplus 7 Moneta~y used to satisfY. require<~ Net carryover of reservw balances Date total 2 nonborrowed required 1990-SEP. OCT. NOV. DEC. 61452 61052 62045 59120 60828 60642 61815 58795 60543 60206 61098 57456 307211 308854 312689 313700 33303 32127 33382 30237 30625 31515 31086 31777 28149 28925 28663 28884 2476 2590 2423 2893 1991-JAN. FEB. MAR. 50992 48551 48586 50458 48299 48345 48823 46743 47407 309303 308531 311040 22023 19827 21734 33220 33477 30895 28969 28724 26853 4250 4753 4043 APR. MAY JlJIIE 50301 49063 50407 50070 48760 50068 49270 48033 49399 313946 314251 317253 23508 22287 23685 30556 30720 30524 26793 26776 26722 3764 3944 3801 JULY AUG. SEP. 50660 50607 51127 50054 49843 50482 49754 49521 50198 319460 320074 320698 23271 22810 23447 31322 31779 31549 27389 27798 27680 3933 3981 3869 50331 52179 49536 51351 49058 51447 319542 322448 23077 24771 31137 31015 27254 27408 3883 3608 98 195 50165 51933 51370 49782 51643 51146 49122 50906 50213 319042 323508 322236 22024 23427 22994 32310 32333 32368 28141 28506 28376 4169 3827 3992 88 122 160 Two weeks ending 1991-SEP. OCT. 4 ,18 2 16 30p p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 141, for all quarterlY. reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve reguirements, maintenance periods end 30 days after the lagged comp,utation periods in which the vault cash is held. All vault cash held during the lagged computation period by "bound' institutions li.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+)or deficit 1-1 reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 1502) Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions total 2 nonborrowed required 3 Monetary base4 NOV. DEC. 48107 47554 48418 50578 47483 47143 48188 50253 47199 46707 47471 48914 293067 294426 298440 304040 1991-JAN. FEB. MAR. 50756 48551 48586 50222 48299 48345 48586 46743 47407 306025 305743 308188 APR. MAY JUNE 50301 49062 50407 50069 48759 50067 49270 48033 49399 310858 311022 314058 JULY AUG. SEP. 50660 50607 51127 50053 49843 50481 49754 49521 50198 316211 316764 317377 4 18 50330 52178 49536 51351 49058 51447 316187 319183 2 16 30p 50165 51932 51370 49782 51642 51145 49121 50906 50212 315667 320124 318694 Date 1990-SEP. OCT. Two weeks ending 1991-SEP. OCT. p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base eguals 11) break-adjusted total reserves plus !21 the (unadjusted) currency component of the money stock plus !31, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between curr-ent vault cash and the amount applied to satisfy current reserve requirements. Note: Historical data are available from lhe Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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